Targeted marketing is one way to reach your business’ audience. The idea behind it is for a business to focus its marketing efforts toward a specific audience. This audience in turn holds an interest in the product or service sold or offered by the business.
Thus, targeted marketing identifies an audience that is likely to purchase products or services of a particular business and promotes those products and services to that audience. Once the specific audience is identified, companies create targeted marketing strategies for those preferred market segments.
Targeted marketing benefits
They say, “you cannot be all things to all people,” is true with business as with the relationships that you have with others. There is value in defining the people whom you want to buy your products and services. Here are just a few of the benefits of targeted marketing:
- Targeted marketing makes it easier for you to find your target market. If you define your target market, you become more precise in your marketing and advertising efforts. It is your target market that will dictate the strategies and tactics that you are going to use to reach them.
- Targeted marketing makes it easier for your specific audience to find you. When you know who your target market is, you are able to use proper marketing channels and strategies to reach them. In turn, they won’t have to search hard in order to find your business.
- Targeted marketing makes it easier for others to make referrals. In order for family, relatives, friends, associates, network connections, and acquaintances to refer potential clients to you, they should know who they are looking for. You can make it easy for them to make referrals by freely sharing with them a description of who your ideal clients are.
- It is easier for your target market to respond to your marketing efforts if you know who they are. When you market to a people who hold the same interest in a product or service being offered, every single person who belongs to that specific audience is more likely to respond to your marketing efforts.
Targeted marketing: how to define your target audience
Here are some ways on how to define your market:
- Look at your current customer base. You should understand the who’s and why’s of your current customers to determine the next steps that you have to take. You should know who buys your products or avail of your services and why they do it. This will help you determine other people who might be interested in your product or service as well. Thus, your current customers do not only bring in sales; they can also provide you the information that you need for your targeted marketing campaigns.
- Check out your competition. Find out who your competition is targeting, who their current customers are, and how their business is doing. Once you know it, do not try to get their customers. Instead, put your targeted marketing efforts in another niche of your own.
- Be familiar with you product. List down its features and benefits. Then, make a list of people who might enjoy these benefits. Those are the first ones who would be interested in your product.
It is a very powerful strategy if you want your business to stay on top of the competition. If targeted marketing is something new to you, then it may be time that you consider learning more about it for it can set the difference between a successful business and a failure in the business.